Silver price fell by 2.40 lakh rupees in 10 months, reaching the mark of 7000 rupees

On October 30, 2026, prices for gold and silver declined in both domestic and international markets, putting pressure on both precious metals. On the MCX exchange, the futures price of silver dropped by 1.32% at the start of trading, while gold prices also showed weakness.

In Delhi, the price of 24-carat gold was 1.44 lakh rupees per 10 grams. The domestic market showed weakness in gold prices on the morning of October 30. In Delhi, the price of 24-carat gold was recorded at 1,44,090 rupees per 10 grams, and 22-carat gold at 1,32,090 rupees per 10 grams. In Mumbai and Kolkata, the price of 24-carat gold was 1,43,940 rupees, and 22-carat gold was 1,31,940 rupees per 10 grams.

The international market was also experiencing pressure on gold prices; the spot rate reached approximately $4,008.76 per ounce. It is worth noting that just one day prior, global gold prices had fallen by more than 1%.

Throughout October 30, there were slight variations in gold prices across various major cities in the country. In Delhi, Jaipur, Lucknow, and Chandigarh, the price of 22-carat gold was 1,32,090 rupees, and 24-carat gold was 1,44,090 rupees per 10 grams. In Mumbai, Chennai, Kolkata, and Hyderabad, the price of 22-carat gold stood at 1,31,940 rupees, and 24-carat gold at 1,43,940 rupees per 10 grams. Additionally, in Ahmedabad and Bhopal, the price of 22-carat gold was 1,31,990 rupees, and 24-carat gold was 1,43,990 rupees per 10 grams.

Silver also showed a decline in prices. On October 30, the silver futures price on MCX fell by 1.32%, equivalent to a drop of 2,503 rupees, reaching the mark of 1,86,950 rupees per kilogram. In the previous trading session, the price closed at 1,89,453 rupees per kilogram. According to data from the All India Precious Metals Association, the price of silver in the jewelry market in Delhi, including all taxes, was 1,98,500 rupees per kilogram, indicating a discrepancy between futures and retail market prices.

In most major cities in the country, the retail price of silver per kilogram remained the same on October 30. In cities such as Delhi, Mumbai, Kolkata, Chennai, Lucknow, Patna, Jaipur, Ahmedabad, Pune, Bangalore, Hyderabad, Bhopal, Chandigarh, Noida, and Gurugram, the cost of one kilogram of silver was 2,10,000 rupees.

A decrease in the value of both precious metals was also recorded in external markets. On Comex on October 30, the price of gold fell by approximately 0.68%, reaching $4,004 per ounce. The price of silver dropped by about 2.07%, amounting to $51,295 per ounce, while the spot price for silver was listed at $51.59 per ounce. The ongoing sell-off internationally is also affecting domestic prices.

The main reason cited for the fall in gold prices is rising inflation in the US, which has heightened market concerns regarding interest rates set by the Federal Reserve. Investors are now worried about a potential increase in interest rates by the American central bank by the end of the current year. Since assets like gold do not generate regular income, the probability of rate hikes increases pressure on the prices of these metals. Nevertheless, no changes to the base interest rates occurred at the Federal Reserve meeting on October 28, but fears of future hikes continue to put pressure on gold prices.

According to market experts, the spot silver chart continues to show signs of weakness on a daily basis. Silver has been continuously declining since breaking the triangular pattern from the $58 per ounce level in October 2026. The price has fallen below the support level of $55. Experts predict that the price of silver could drop to the range of $48–$50 per ounce. If this level is broken, the next likely range could be $45–$46. However, since the RSI index is approaching the oversold level, there is a possibility of some price recovery after the prolonged sell-off.

A continuous decline in the prices of gold and silver has been observed during the festive season. A significant drop in the prices of precious metals occurred both on the Multi Commodity Exchange (MCX) and in the domestic market. In just four days of trading, the silver bubble burst, and the price in the domestic market fell by more than 16,000 rupees. On MCX, silver is now selling for approximately 2.24 lakh rupees less than its peak level.

Simultaneously, gold prices also sharply decreased.

First, let's look at the changes in the cost of silver in markets across the country, including Delhi. Before Diwali and Gangaur, silver depreciated significantly, and its price dropped below 2 lakh rupees per kilogram. According to data from the Indian Bullion Jewelers Association (IBJA.Com), the price of silver in the domestic market was 2,10,918 rupees on October 16, and this Friday it fell to 1,94,415 rupees, which represents a drop of 16,503 rupees for silver per kilogram.

Silver plummeted not only in domestic markets but also in futures trading. Silver for 1 kg with an expiry date of December 4, which cost 2,11,187 rupees on MCX on October 16, fell to 1,96,100 rupees this Friday. Thus, over four days, silver became cheaper by 15,087 rupees per kilogram in the futures market.

Due to the significant decrease in silver prices this week, this precious metal is now available at a price less than half of its historical high of 4,20,048 rupees, reached at the end of January this year. Compared to the current price, the price of 1 kg of silver has fallen by 2,23,948 rupees from the peak.

After the fall in silver prices, let's examine the decrease in the cost of gold. This precious yellow metal also experienced a sharp drop this week. According to MCX Gold Rate data, gold with a December 4 expiry weight of 10 grams became 5,768 rupees cheaper, falling from 1,47,918 rupees to 1,42,150 rupees. Furthermore, according to IBJA, the price dropped by 4,796 rupees per 10 grams in the domestic market, falling from 1,46,426 rupees to 1,41,630 rupees.

When purchasing jewelry, it should be noted that in addition to the applicable GST, the buyer must pay a manufacturing fee, which can vary across different states and cities, thereby increasing the final cost of gold.

For those planning to purchase gold and silver during holidays such as Dhanteras and Diwali, as well as during the wedding season, there is positive news. The trend of decreasing precious metal prices continues. On the domestic market on October 23, 2026, the cost of both gold and silver was observed to fall.

Specifically, the price of 24-karat gold decreased by 0.61%, reaching 142,750 rubles per 10 grams. The price of silver fell by 1.93%, amounting to 196,510 rubles per kilogram. Pressure is also being observed in the international gold market.

Globally, gold has been at low levels for over two weeks. The main reason is growing concern about inflation linked to rising crude oil prices. This forces investors to closely monitor the upcoming statement from the US Federal Reserve regarding interest rates.

Since gold does not generate regular income, when interest rates and bond yields rise, alternative income-generating instruments become more attractive to investors. The next meetings of the US Federal Reserve, scheduled for October 27 and 28, may provide insight into the future direction of interest rates, which could potentially affect the dollar exchange rate, bond yields, and gold prices.

On the domestic futures market, prices for both metals also recorded a decline on Friday morning. At approximately 9:13 AM on the Multi Commodity Exchange (MCX), the futures price of gold dropped by 0.66%, reaching 142,680 rubles per 10 grams. The futures price of silver decreased by approximately 1.99%, reaching 196,390 rubles per kilogram. It is important to note that futures market prices may differ from retail prices in the country and in different cities. Furthermore, the final cost when purchasing jewelry may change due to labor markup, VAT, and other applicable fees.

24-karat gold is considered the purest sample, while 22-karat gold is more often used for making jewelry. Other metals are added to it to give the items greater durability. Silver with a purity of 999 contains 99.9% silver and is used for coins, bars, and other investment forms.

The future direction of precious metal prices will depend on several factors: US Federal Reserve meetings, crude oil prices, inflation concerns, and the dynamics of the dollar exchange rate. If signals point to a tight monetary policy, gold may remain under pressure. Conversely, if expectations of rate cuts increase, gold may receive support.

Despite today's price drop, this does not guarantee that the metal's value will rise again in the near future. Therefore, before purchasing, one must decide whether they are buying jewelry for personal use or gold as a long-term investment. If the goal is to buy jewelry, one should focus on the price of 22-karat gold, as this purity is typically used to make items. In the final receipt, the labor markup and corresponding taxes will be included.

Investors should not make decisions based solely on daily price declines. They must consider the investment horizon, the share of gold in the portfolio, and the risks associated with future price fluctuations. A price drop itself does not prove that gold has become cheap or that the right time to buy has arrived. To understand the further movement of gold, one should monitor MCX prices, global prices, and the ruble exchange rate against the US dollar.